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Putnam Investments has been serving investors outside of the United States for nearly five decades, and offers a range of innovative and customised solutions as well as traditional equity and bond investments. Please choose your country of residence to see which funds are available to you.

Putnam’s Institutional Consultant Relations team is dedicated to ensuring that consultants, through one-on-one strategic meetings, electronic communication, and roundtables, have access to the latest information including:

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**No assurance can be given that the investment objective will be achieved or that an investor will receive a return of all or part of his or her initial investment. Actual results could be materially different from the stated goals. Investors should carefully consider the risks involved before deciding to invest. See the composite disclosures for a summary of risk considerations. As with any investment, there is a potential for profit as well as the possibility of loss.

Past performance is not a guarantee of future results. An investment in this strategy could lose value. Most recent month-end performance is preliminary. Returns are subject to change. Please refer to the composite presentation for additional important information regarding performance disclosures and investments risks.

†Assets may include accounts that are not reflected in the composite.

Periods less than one year are not annualized. Performance is stated in U.S. dollars.

The Putnam Investments International Core Equity Composite (the "Composite") seeks above-average total returns with low relative volatility through an actively managed, broadly diversified international equity portfolio. Putnam utilizes a bottom-up approach. The approach focuses on the selection of truly mispriced companies by identifying stocks selling at significant discounts to real and relative worth with positive valuation indicators. Currency hedging may be used when deemed appropriate. The Composite's primary benchmark is the MSCI EAFE Index. The secondary benchmark is the MSCI All Country World ex-USA Index. The Composite comprises all fully discretionary accounts managed by Putnam Investments in this investment style. The Composite creation date was October 3, 2002. Carve-out assets included in the Composite are managed separately with their own cash. A "carve-out" is a portion of a portfolio that is by itself representative of a distinct investment strategy. It is used to create a track record for a narrower mandate from a multiple-strategy portfolio managed to a broader mandate. Composites may include portfolios with certain existing investment restrictions that the Firm believes do not materially impact the investment strategy.

The MSCI EAFE Index is a market capitalization weighted index composed of companies representative of the market structure of 21 Developed Market countries in Europe, Australasia and the Far East. The results of the MSCI EAFE Index for all periods shown are net of foreign withholding taxes assuming the tax rate for a Luxembourg entity under the applicable tax treaties in effect during that period.

The MSCI All Country World ex-USA Index captures large and mid cap representation across 22 of 23 Developed Markets countries (excluding the US) and 23 Emerging Markets countries.

Composites may include portfolios with certain existing investment restrictions that the Firm believes do not materially impact the investment strategy. Benchmarks are generally taken from published sources and may have different calculation methodologies, pricing times, and/or foreign exchange sources from the composite. The effect of those differences is generally deemed to be immaterial. The securities holdings of the composite may differ materially from those of the index used for comparative purposes. Composites and benchmarks include the reinvestment of dividends and other earnings. Indexes are unmanaged and do not incur expenses. You cannot invest directly in an index. Gross-of-fees returns do not include the deduction of management fees and other expenses that may be incurred in managing an investment account. A portfolio's return will be reduced by advisory and other fees. Net of fee returns are calculated using a model fee. For the applicable time periods, net of fees returns reflect either the deduction of the highest management fee that is paid by a portfolio in the Composite during the performance period, applied on a monthly basis or the deduction of the highest applicable management fee in effect during the performance period that would be charged based on the fee schedule appropriate to this mandate, without the benefit of breakpoints, applied on a monthly basis, whichever is higher. Net of fee calculation methodology may change over time. Actual investment advisory fees incurred by clients are typically negotiated on an individual basis and may vary depending upon, among other things, the applicable fee schedule and portfolio size. Our standard fee schedules are available upon request.

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Putnam video and other commentary are provided for limited purposes. References to asset classes and financial markets are not intended to be, and should not be interpreted as, recommendations or investment advice. The opinions expressed represent the current, good-faith views of Putnam/the speaker. The views are provided for informational purposes only and are subject to change. Past performance is not a guarantee of future results. As with any investment, there is a potential for profit as well as the possibility of loss.